REGISTERED NUMBER: SC371651 (Scotland)

Group Strategic Report,

Report of the Directors and

Consolidated Financial Statements

for the Year Ended 31 March 2025

for

A.S. Homes (Scotland) Limited

Page

Company Information

1

Group Strategic Report

2

Report of the Directors

3

Report of the Independent Auditors

5

Consolidated Income Statement

8

Consolidated Other Comprehensive Income

9

Consolidated Balance Sheet

10

Company Balance Sheet

11

Consolidated Statement of Changes in Equity

12

Company Statement of Changes in Equity

13

Consolidated Cash Flow Statement

14

Notes to the Consolidated Cash Flow Statement

15

Notes to the Consolidated Financial Statements

16

DIRECTORS:

P J Kelly

P D Kelly

K Sexton

A Geddes

G Quigley

REGISTERED OFFICE:

Radleigh House

1 Golf Road

Clarkston

Glasgow

G76 7HU

REGISTERED NUMBER:

SC371651 (Scotland)

AUDITORS:

O'Haras Accountants Limited (Statutory Auditor)

Radleigh House

1 Golf Road

Clarkston

Glasgow

G76 7HU

The directors present their strategic report of the company and the group for the year ended 31 March 2025.

The directors present their strategic report for the Company for the year ended 31 March 2025. The principal activity of the company is the construction and provision of affordable housing together with the construction and sale of private dwellings by the company's private housebuilding arm Briar Homes. The trading results for the year and the company's financial position are shown in these financial statements.

REVIEW OF BUSINESS

The directors report a significant improvement in operating performance for the year with turnover of £30,602,985 (2024: £17,808,026). Turnover for the year was significantly higher than the prior year as delayed sites in the prior year commenced build, and further site starts for Briar Homes were achieved. The company made a profit for the financial year of £15,347 (2024: Loss for the financial year of £1,051,196).

The Company's subsidiary Briar Homes Limited continued activities in the private housing market. During the year, Briar Homes secured planning consents on two further sites which are due to commence in the year to 31 March 2026. The Company are looking to grow this side of the business significantly in future years.

The affordable housing side of the business continues to prove challenging due to significant ongoing delays in the planning system, the market continues to be closely monitored by the directors, and they are vigilant with regards to the risk and uncertainties arising from both a change in public policy and the level of competition in the market. The directors will continue to service the affordable housing market provided adequate profitability can be achieved as this provides steady income and cash flow generation.

Future pipeline opportunities remain giving the directors confidence for the future especially on the Briar side of the business. The directors expect a further increase in turnover for the year to 31 March 2026.

PRINCIPAL RISKS AND UNCERTAINTIES

The directors remain vigilant with regards to the financial, commercial, and economic risks facing the company and steps are taken to immediately address these risks as they arise. Despite the delays and rising construction costs, there is a significant amount of future work in the pipeline and the directors remain confident that funding will be in place to take advantage of opportunities that continue to arise.

ON BEHALF OF THE BOARD:

P D Kelly - Director

7 October 2025

The directors present their report with the financial statements of the company and the group for the year ended 31 March 2025.

DIVIDENDS

An interim dividend of £32.50 per share was paid on 23 January 2025. The directors recommend that no final dividend be paid.

The total distribution of dividends for the year ended 31 March 2025 will be £ 3,250 .

DIRECTORS

The directors shown below have held office during the whole of the period from 1 April 2024 to the date of this report.

P J Kelly

P D Kelly

K Sexton

A Geddes

G Quigley

POLITICAL DONATIONS AND EXPENDITURE

A donation of £20,241 was made by Briar Homes in the year, being the donation of a cabin to a youth sports team.

STATEMENT OF DIRECTORS' RESPONSIBILITIES

The directors are responsible for preparing the Group Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and the group and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:

-	select suitable accounting policies and then apply them consistently;

-	make judgements and accounting estimates that are reasonable and prudent;

-	prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the group's auditors are aware of that information.

AUDITORS

The auditors, O'Haras Accountants Limited (Statutory Auditor), will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

P D Kelly - Director

7 October 2025

Opinion

We have audited the financial statements of A.S. Homes (Scotland) Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 March 2025 which comprise the Consolidated Income Statement, Consolidated Other Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

-	give a true and fair view of the state of the group's and of the parent company affairs as at 31 March 2025 and of the group's profit for the year then ended;

-	have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

-	have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and the parent company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information

The directors are responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

-	the information given in the Group Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and

-	the Group Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:

-	adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or

-	the parent company financial statements are not in agreement with the accounting records and returns; or

-	certain disclosures of directors' remuneration specified by law are not made; or

-	we have not received all the information and explanations we require for our audit.

Responsibilities of directors

As explained more fully in the Statement of Directors' Responsibilities set out on page three, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the group's and the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the group or the parent company or to cease operations, or have no realistic alternative but to do so.

Auditors' responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

We gained an understanding of the legal and regulatory framework applicable to the company and the industry in which it operates. We made enquiries of management as to whether there were any known or suspected instances of non-compliance with laws and regulations or fraud, and reviewed available board minutes for any indication of such matters.

We gained an understanding of management's internal controls designed to prevent and detect irregularities in their day-to-day operations.

We considered the company’s revenue recognition policy and performed substantive tests to confirm the completeness of revenue reported.

We considered laws and regulations which could give rise to a material misstatement in the financial statements, including, but not limited to, UK GAAP, the Companies Act 2006 and UK tax legislation. We assessed the extent of compliance with these laws and regulations as part of our procedures on the related financial statement components. Our tests included agreeing the financial statement disclosures to underlying supporting documentation, enquiries with management and enquiries of relevant third parties.

We considered how fraud might occur in this company and designed our tests accordingly.

We preformed audit work to address the risk of management override of internal controls, including reviewing journals, reviewing for large or unusual items and transactions out with the normal course of business, and evaluating whether there was evidence of bias by the directors that represented a risk of material misstatement due to fraud.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

Use of our report

This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.

John O'Hara CA (Senior Statutory Auditor)

for and on behalf of O'Haras Accountants Limited (Statutory Auditor)

Radleigh House

1 Golf Road

Clarkston

Glasgow

G76 7HU

7 October 2025

TURNOVER

30,602,985

17,808,026

Cost of sales

28,104,765

16,476,415

GROSS PROFIT

2,498,220

1,331,611

Administrative expenses

2,740,368

2,696,125

(242,148

)

(1,364,514

)

Other operating income

27,458

15,800

OPERATING LOSS

3

(214,690

)

(1,348,714

)

Profit/loss on sale of

tangible fixed assets

4

(3,301

)

14,880

(217,991

)

(1,333,834

)

Income from other participating interests

325,000

90,000

107,009

(1,243,834

)

Interest payable and similar expenses

5

195,138

165,113

LOSS BEFORE TAXATION

(88,129

)

(1,408,947

)

Tax on loss

6

(103,476

)

(357,751

)

PROFIT/(LOSS) FOR THE FINANCIAL YEAR

15,347

(1,051,196

)

Profit/(loss) attributable to:

Owners of the parent

15,347

(1,051,196

)

PROFIT/(LOSS) FOR THE YEAR

15,347

(1,051,196

)

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

15,347

(1,051,196

)

Total comprehensive income attributable to:

Owners of the parent

15,347

(1,051,196

)

FIXED ASSETS

Tangible assets

9

262,502

168,385

Investments

10

Interest in joint venture

Share of gross assets

310,100

20,100

310,100

20,100

Other investments

-

60,000

572,602

248,485

CURRENT ASSETS

Stocks

11

2,308,747

1,775,354

Debtors

12

7,443,587

5,291,833

Cash at bank and in hand

1,168,824

481,772

10,921,158

7,548,959

CREDITORS

Amounts falling due within one year

13

10,197,376

6,274,170

NET CURRENT ASSETS

723,782

1,274,789

TOTAL ASSETS LESS CURRENT LIABILITIES

1,296,384

1,523,274

CREDITORS

Amounts falling due after more than one year

14

397,018

636,005

NET ASSETS

899,366

887,269

CAPITAL AND RESERVES

Called up share capital

19

100

100

Retained earnings

20

899,266

887,169

SHAREHOLDERS' FUNDS

899,366

887,269

The financial statements were approved by the Board of Directors and authorised for issue on 7 October 2025 and were signed on its behalf by:

P D Kelly - Director

FIXED ASSETS

Tangible assets

9

215,161

143,839

Investments

10

10

60,010

215,171

203,849

CURRENT ASSETS

Stocks

11

2,294,415

1,780,077

Debtors

12

7,718,430

5,374,992

Cash at bank and in hand

1,123,662

349,167

11,136,507

7,504,236

CREDITORS

Amounts falling due within one year

13

10,099,615

6,225,403

NET CURRENT ASSETS

1,036,892

1,278,833

TOTAL ASSETS LESS CURRENT LIABILITIES

1,252,063

1,482,682

CREDITORS

Amounts falling due after more than one year

14

397,018

636,005

NET ASSETS

855,045

846,677

CAPITAL AND RESERVES

Called up share capital

19

100

100

Retained earnings

20

854,945

846,577

SHAREHOLDERS' FUNDS

855,045

846,677

Company's profit/(loss) for the financial year

11,618

(859,513

)

The financial statements were approved by the Board of Directors and authorised for issue on 7 October 2025 and were signed on its behalf by:

P D Kelly - Director

Called up

share

Retained

Total

capital

earnings

equity

£

£

£

Balance at 1 April 2023

100

1,922,643

1,922,743

Changes in equity

Dividends

-

(38,250

)

(38,250

)

Total comprehensive income

-

(997,224

)

(997,224

)

Balance at 31 March 2024

100

887,169

887,269

Changes in equity

Dividends

-

(3,250

)

(3,250

)

Total comprehensive income

-

15,347

15,347

Balance at 31 March 2025

100

899,266

899,366

Called up

share

Retained

Total

capital

earnings

equity

£

£

£

Balance at 1 April 2023

100

1,714,340

1,714,440

Changes in equity

Dividends

-

(8,250

)

(8,250

)

Total comprehensive income

-

(859,513

)

(859,513

)

Balance at 31 March 2024

100

846,577

846,677

Changes in equity

Dividends

-

(3,250

)

(3,250

)

Total comprehensive income

-

11,618

11,618

Balance at 31 March 2025

100

854,945

855,045

Cash flows from operating activities

Cash generated from operations

1

1,579,139

386,419

Interest paid

(139,640

)

(111,164

)

Interest element of hire purchase payments paid

(55,498

)

(53,949

)

Amounts owing by participating interest

(337,815

)

(1,584,029

)

Tax paid

832

-

Amounts owing by associates

(51,097

)

(19,047

)

Net cash from operating activities

995,921

(1,381,770

)

Cash flows from investing activities

Purchase of tangible fixed assets

(179,845

)

(128,236

)

Sale of tangible fixed assets

28,722

37,139

Sale of fixed asset investments

60,000

100

Reserves on acquisition

-

53,972

Dividends received

325,000

90,000

Profit distribution from JV companies

(290,000

)

187,797

Net cash from investing activities

(56,123

)

240,772

Cash flows from financing activities

Loan repayments in year

(277,565

)

440,781

Capital repayments in year

31,905

25,051

Amount introduced by directors

-

13,250

Amount withdrawn by directors

(3,836

)

(4,871

)

Equity dividends paid

(3,250

)

(38,250

)

Net cash from financing activities

(252,746

)

435,961

Increase/(decrease) in cash and cash equivalents

687,052

(705,037

)

Cash and cash equivalents at beginning of year

2

481,772

1,186,809

Cash and cash equivalents at end of year

2

1,168,824

481,772

1.	RECONCILIATION OF LOSS BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS

2025

2024

£

£

Loss before taxation

(88,129

)

(1,408,947

)

Depreciation charges

57,006

48,936

Finance costs

195,138

165,113

Finance income

(325,000

)

(90,000

)

(160,985

)

(1,284,898

)

Increase in stocks

(533,393

)

(432,084

)

(Increase)/decrease in trade and other debtors

(1,657,167

)

638,755

Increase in trade and other creditors

3,930,684

1,464,646

Cash generated from operations

1,579,139

386,419

2.	CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 31 March 2025

31.3.25

1.4.24

£

£

Cash and cash equivalents

1,168,824

481,772

Year ended 31 March 2024

31.3.24

1.4.23

£

£

Cash and cash equivalents

481,772

1,186,809

3.	ANALYSIS OF CHANGES IN NET DEBT

At 1.4.24

Cash flow

At 31.3.25

£

£

£

Net cash

Cash at bank and in hand

481,772

687,052

1,168,824

481,772

687,052

1,168,824

Debt

Finance leases

(97,825

)

(31,905

)

(129,730

)

Debts falling due within 1 year

(967,565

)

19,348

(948,217

)

Debts falling due after 1 year

(548,216

)

258,216

(290,000

)

(1,613,606

)

245,659

(1,367,947

)

Total

(1,131,834

)

932,711

(199,123

)

1.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Going concern

The directors continue to be satisfied that the company has adequate resources to continue in operation for the next 12 months. Consequently, the directors consider it appropriate to prepare the financial statements on a going concern basis.

Revenue

The company is involved in building new homes in both the public and private housing sectors. Turnover is recognised on an invoice basis with invoices being raised based on the stage of completion of sites once work has been certified by an independent third party. All revenue is recognised excluding value added tax and trade discounts.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.

Plant and machinery

-

15% on reducing balance

Fixtures and fittings

-

15% on reducing balance

Motor vehicles

-

25% on reducing balance

Computer equipment

-

33% on cost

Inventories

Work in progress is valued at the lower of cost and net realisable value.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits

The group operates a defined contribution pension scheme. Contributions payable to the group's pension scheme are charged to profit or loss in the period to which they relate.

Debtors

Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

Creditors

Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Impairment of assets

At each balance sheet date, the company reviews the carrying amount of its tangible fixed assets to determine whether there is any indication that any items have suffered an impairment loss. If any such indication exists, the recoverable amount of an asset is estimated in order to determine the extent of the impairment loss, if any. Where it is not possible to estimate the recoverable amount of the asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Cash and cash equivalents

Cash and cash equivalents includes cash in hand, deposits held at call with banks, other short-term highly liquid investments with original maturities of three months or less and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

2.	EMPLOYEES AND DIRECTORS

2025

2024

£

£

Wages and salaries

1,955,233

1,943,516

Social security costs

61,992

65,127

Other pension costs

99,076

75,311

2,116,301

2,083,954

The average number of employees during the year was as follows:

2025

2024

Employees

34

35

2025

2024

£

£

Directors' remuneration

496,877

517,410

Information regarding the highest paid director is as follows:

2025

2024

£

£

Emoluments etc

142,563

183,857